The deal, announced Monday (Nov. 20), would remake Marvell (Santa Clara, Calif.), bring its addressable market to more than $16 billion by bringing together its HDD and SSD storage controllers, networking and wireless connectivity semiconductor together with San Jose-based Cavium's multi-core processing, networking communications, storage connectivity and security chips, Marvell said. The combined entity will have annual revenue of about $3.4 billion.

News of a possible deal between the firms was first reported earlier this month by the Wall Street Journal and other media outlets.